Singapore legislation
Regulation 9
of Trustees (Transparency and Effective Control) Regulations 2017
Regulation 9
Obligation to keep accounting records
Subregulation 1
A trustee of a relevant trust must take reasonable steps to ensure that there are kept in respect of the relevant trust, accounting records (including the details, documents and notes specified in paragraph (3)) that meet the requirements in paragraph (2).
Subregulation 2
The accounting records mentioned in paragraph (1) must —
in the case of a trust that is a relevant trust on 20 June 2025 —
correctly explain all the transactions entered into by the relevant trust on or after that date;
enable the financial position of the relevant trust on or after that date to be determined with reasonable accuracy; and
enable financial statements of the relevant trust in respect of any period on or after that date to be prepared;
in the case of a relevant trust created after 20 June 2025 —
correctly explain all the transactions entered into by the relevant trust on or after it is created;
enable the financial position of the relevant trust on or after it is created to be determined with reasonable accuracy; and
enable financial statements of the relevant trust in respect of any period on or after it is created to be prepared; and
in the case of a trust that is not a relevant trust on 20 June 2025 but which becomes a relevant trust after that date —
correctly explain all the transactions entered into by the relevant trust after it becomes a relevant trust;
enable the financial position of the relevant trust after it becomes a relevant trust to be determined with reasonable accuracy; and
enable financial statements of the relevant trust in respect of any period after it becomes a relevant trust to be prepared.
Subregulation 3
The accounting records mentioned in paragraph (1) must include —
details of all sums of money received and expended by the relevant trust, and the matters in respect of which the receipt and expenditure takes place;
details of all sales, purchases and other transactions by the relevant trust;
details of the assets and liabilities of the relevant trust; and
in respect of the details mentioned in sub‑paragraphs (a), (b) and (c) —
underlying documents (including but not limited to invoices and contracts); and
such notes as may be necessary to give a reasonable understanding of the details.
Subregulation 4
Where a trustee of a relevant trust is required under paragraph (1) to ensure that accounting records in respect of any transaction are kept, the trustee must take reasonable steps to ensure the accounting records in respect of that transaction are kept for at least 5 years starting after the end of the calendar year in which the transaction is completed.